Launched at the end of January, the manifesto aimed to clarify the position of the IFA.
However one of the points covered was education levels, with calls for ‘a new minimum qualifications threshold for current practitioners to be set at diploma level and a five-year timetable with clear milestones along the way’.
However, this standpoint has been questioned, with Nick Cann, chief executive of the Institute of Financial Planning, claiming that a 10-year delay was unnecessary and that ‘three years was more than enough time for advisers to get to the diploma level’.
Also questioning the manifesto was Keith Iles, director at the JHC Partnership, who agreed the concept of a ‘qualification ladder’ should be drawn up but he was unsure about how the timeframe would work.
With brokers expected to reach a level of education, Iles expressed concern over the impact of advisers rushing to take exams. He said: “For advisers in their late 50s and 60s it is difficult facing exams and running a business.”
Speaking at the launch, Chris Cummings, director-general of AIFA, claimed that there should be higher entry level standards as it wanted to see well-managed firms which treated customers fairly.
Pensions Minister, Mike O’Brien QC MP, said: “We all recognise that meaningful and consistent advice is delivered by those with the right skills. So I welcome the call for a minimum qualification threshold. It is, perhaps, unusual to hear AIFA call for more rules, not less – but this is a mature step to take.”
